“Polyplex Corporation “ Are Good Days Ahead?

Stock Opportunities
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Polyplex, a leading global BOPP and PET film producer, appears criminally undervalued. Estimated owner earnings are around ₹547 crore, with a conservative 6–8% growth and a 10% discount rate, maintenance capex as 90% of depreciation, calculated discounted cash flow giving an intrinsic value of ₹3,200–3,700/share. Despite the cyclical plastic industry, it boasts cost efficiency, global reach, and strong cash generation.

Promoters had pledged nearly 100% of shares, but all were released by June 2025, reducing risk. Recently, they sold a 24.2% stake to Dubai-based AGP Holdco (linked to Taghleef Industries), which also appointed a director to Polyplex’s board, bringing strategic guidance. Additionally, the company is investing heavily in Nandurbar, Maharashtra, supported by the state government, creating 600 direct jobs. Dolly Khanna and First Water Capital remain invested, highlighting institutional confidence.

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It’s in a sideways to negative trend since Jul’24 when it last gave a good up move from ₹750 to 1500 or so. Won’t consider it at this juncture at all - undervalued or not!

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Dolly Khanna shareholding is not appearing for Sep Qtr in Screener

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Yes, his stake fell below 1%, but just a few days ago, Ricky Kriplani and the PAC (First Water Funds) increased their holding to over 5%.

Back in the 2010s, Ricky had owned more than 20% of Polyplex Corporation and made multibagger returns before exiting. No one understands the company better than he does, and now, he’s making a comeback.

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